Citi swallows its qualms on risk retention as banks tool up for UKAR sales

Citigroup has won a prestigious mandate to help Pimco buy £4.8bn of mortgages from the British government’s bad bank, UK Asset Resolution. It was victorious partly because it was able to get comfortable with holding the ‘risk retention’ in the deal, something only Barclays and Goldman Sachs have done so far. With UKAR gearing up to sell its last £8bn of assets and shut up shop, other banks may need to follow suit. Owen Sanderson reports.

  • By Owen Sanderson
  • 04 Apr 2019
UK Asset Resolution’s asset sales have been among the biggest trades in the market for securitization businesses over the last five years. The bad bank set up to own assets held by the collapsed UK banks Northern Rock and Bradford & Bingley has gradually got rid of them, ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,859.27 98 11.48%
2 JPMorgan 25,558.51 72 9.51%
3 Wells Fargo Securities 24,627.51 67 9.16%
4 Bank of America Merrill Lynch 23,023.30 73 8.56%
5 Barclays 16,546.45 55 6.16%